SOURCE: Oportun

June 25, 2015 08:00 ET

Oportun Brings Responsible Small Dollar Credit to Nevada

Responsible Lender Opens Its First Nevada Location in Las Vegas

REDWOOD CITY, CA--(Marketwired - Jun 25, 2015) - Oportun, formerly known as Progreso Financiero, today announced that it has opened its first location in Nevada, making its responsible, affordable, credit-building loans available to borrowers in Las Vegas.

Oportun is a mission-driven financial services company that uses advanced data analytics and technology to provide small dollar loans to Hispanic borrowers, many of whom have little or no credit history. As a responsible lender, Oportun calculates each loan applicant's ability to repay and only lends to those it believes have the ability to repay the loan after meeting other major financial obligations and living expenses. The company also sets loan amounts and terms to fit individual budgets, giving borrowers time to pay back the loan. Finally, it reports customer accounts to the credit bureaus to help customers establish or build credit history. Founded in 2005, the company currently operates in more than 150 locations in California, Texas, Illinois, Utah, and now, Nevada.

"If you are one of the nearly 25 million US Hispanics who are considered financially underserved, your options are limited if you need to borrow money to fix your car, pay a deposit on a better apartment, or get through a medical emergency," said Oportun CEO Raul Vazquez. "Unfortunately, many responsible Hispanics with little or no credit history end up turning to high cost alternative lenders. We believe in those responsible people and believe they deserve access to affordable credit," said Vazquez.

Hispanics represent 31 percent of the population in Las Vegas, where Oportun is opening three new locations. "We know there are many responsible, hard-working Hispanics in Las Vegas and we look forward to serving them and helping them build a better future," said Vazquez.

About Oportun

Oportun, formerly known as Progreso Financiero, is a mission-driven financial services company that uses advanced data analytics and technology to provide responsible, affordable, credit-building loans to financially underserved Hispanics, many of whom have little or no credit history. The company's centralized data analytics system calculates each loan applicant's ability to repay, approves those the company believes can pay back, and sets loan amounts and terms to fit individual budgets. Customer account information is also reported to credit bureaus to help customers establish or build credit. Since its founding in 2005, Oportun has helped more than 520,000 customers by disbursing more than $1.5 billion through one million small dollar loans. The company delivers customer service with bilingual staff across channels and operates more than 150 locations in California, Illinois, Texas, Nevada, and Utah.

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